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These Great Jobless Numbers Are Just Miserable

The combination of benign inflation and low unemployment isn't the recipe for economic nirvana it once was.

He was looking for a job and then he found a job...

He was looking for a job and then he found a job...

Photographer: Jonathan Alcorn/Bloomberg

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There continues to be nothing wrong with the U.S. employment market. It continues to generate new hiring, and is maintaining the unemployment rate at a low not seen in more than 50 years. It is hard to contend that a recession is imminent when the unemployment rate is only 3.5%. Meanwhile, the growth in payrolls since the crisis remains stunningly consistent: